Deluxe Announces First Quarter 2020 Earnings Release Information
March 25 2020 - 4:05PM
Business Wire
Announces Management Actions to Lessen
Near-Term Business Impact of COVID-19
Expands liquidity with cash balance now over
$300 million
Withdraws First Quarter and Full Year 2020
Guidance
Deluxe Corporation (NYSE: DLX) will report 2020 first quarter
financial results on Thursday, May 7, 2020, after market close, and
management will hold an open-access conference call at 4:45 p.m.
ET/3:45 p.m. CT. All interested persons may listen to the call by
dialing 1-615-247-0252 (access code 5357065). The audio and
accompanying slides will be available via a simultaneous webcast on
the investor relations website at www.deluxe.com/investor. For
those unable to listen live, a telephone replay will be available
after 8:00 p.m. ET and through midnight on May 14, 2020 by dialing
1-404-537-3406 (access code 5357065).
Additionally, due to the rapidly evolving environment and
continued uncertainties from the impact of COVID-19, Deluxe is
withdrawing its previously announced first quarter and full year
outlook for 2020.
The Company has also elected to transition its Annual
Shareholder Meeting to a virtual meeting, which remains as
scheduled on Wednesday, April 29, 2020 at 3:00 pm CT.
Additional actions implemented to lessen the near-term impact of
the COVID-19 related challenges and the current economic
environment:
- In order to ensure its continued financial flexibility, Deluxe
has increased its borrowings under its credit facility to $1.14
billion, and now has cash on hand totaling over $300 million
- Suspended employee merit increases, reduced salaries for many
employees, including leadership, by 20 percent and instituted
furloughs for some employees in certain production facilities
- Delayed project and consultant spend
- Initiated adversity pay for key hourly line production workers
required to remain on site with front-line team members receiving
an increase of $2 an hour during this time
Barry McCarthy, President and CEO of Deluxe said, “The health
and safety of our employees remains our number one priority. We
have initiated work from home policies for many of our employees
who continue to effectively support our functional areas and have
implemented additional precautions to ensure the safety of our
employees across all other facilities and manufacturing sites. We
have a team continuously monitoring the situation and will continue
to actively support our employees, customers and partners.”
McCarthy added, “In our proud 105-year history, we have
successfully led our business though many global challenges. Our
current actions are prudent based on what we see happening around
the world and will ensure our stability and positioning us well for
the coming economic recovery.”
About Deluxe
Deluxe is a Trusted Business Technology™ company that champions
business, so communities thrive. Our solutions help businesses pay
and get paid, accelerate growth, and operate more efficiently. For
more than 100 years, we’ve been helping businesses succeed at all
stages of their lifecycle, from start-up to maturity. Our
unparalleled global scale supporting approximately 4.5 million
small businesses, over 4,000 financial institutions and hundreds of
the world’s largest consumer brands uniquely positions Deluxe to be
our customers’ most trusted business partner. To learn how we can
help your business, visit us at www.deluxe.com,
www.facebook.com/deluxecorp, www.linkedin.com/company/deluxe, or
www.twitter.com/deluxecorp.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200325005696/en/
Ed Merritt, VP of Corporate Finance, Treasurer 651-787-1370
Ed.Merritt@deluxe.com
Deluxe (NYSE:DLX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Deluxe (NYSE:DLX)
Historical Stock Chart
From Apr 2023 to Apr 2024